Monday Market Report – Why Buy?

Well it turns out I forgot to hit publish on this post yesterday – better late than never!

As you may have read in my previous post, Market Report – Bidding War, the Orlando real estate market has shifted.  Long gone are the days of 26,000 listings to choose from and offering $100,000 less than asking price. If you are a buyer in today’s market times are tough. That doesn’t mean it’s not a great time to buy.  It just means the strategy for offering has changed.

You might wonder why things are so tough for buyers.  Well…the listing inventory has declined about 17% since this time last year.  And it hasn’t been this low since the boom days of 2005.  The demand is extremely high, especially for homes in good condition or location.  If the level of demand we are seeing in certain Downtown Orlando neighborhoods keeps up, this strong sellers market could go on for a while longer.  It’s not just cash investors out there buying up homes - although there are many of those.  There  are mainly three types of buyers:

1.  The buyers who have been looming for the past 2 or 3 years
thinking they were going to wait until the prices hit bottom have now
realized they missed that opportunity and are rushing to get in before
prices rise much more.

2.  Investors – prices are still affordable and they are eating up
much of the inventory in good locations anticipating a high return in
the future.

3.  Regular buyers – those who are just now in a position to buy and
ready/willing/able.  Perhaps they finally have equity to sell their
home and move up or they finally have a strong job history.

So why buy in Orlando?  Even with the lack of inventory and multiple offer situations,  interest rates are still amazing and you really can’t complain about getting a 30 year loan for under 4%.  On top of that, the rental market is very strong and with increasing rental prices it can still be more affordable to buy than rent.  The housing affordability in the Orlando area is still at around 220%!  An affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.

The key to buying in every market is to not get emotionally attached.  It’s very difficult because most of us make decisions based on emotions rather than logic.   Just remember the home you’re falling in love with…well so is everyone else.  Take a step back, be patient and be willing to offer above asking price when it is appropriate. You will eventually have a place to call home.

I don’t want to share all of my secrets; but one of my strategies lately is to look for houses that have been on the market longer than 30 days.  Those listings might be overpriced.  Get in and make an offer before the seller drops the price and then you’re in another bidding war!  Contact me today to learn more about finding a home in this challenging market.

*Stats from Orlando Regional Realtor Association

 

Who Says There’s Nothing to do in Orlando? – Adventures in Audubon Park

Looking for something fun and unique to do this weekend?  Look no farther than Orlando’s Audubon Park neighborhood.  This Saturday from 2-5:30 pm they will be having a combination scavenger hunt / trivia contest challenge!

Contact Jennifer Marvel to register!
407-212-7321
audubonparkgardendistrict@gmail.com

The inaugural British Isles Adventure Race will start at 1601 East Winter Park Road in the Audubon Park Garden District.  Teams of two or three compete to decipher clues, answer trivia questions and have a bloody good time.  Participants who compete in a UK-themed costume will receive bonus points that will help save them time.  The better the costume, the more points earned.  Use your smartphone along the way to phone a friend, look up clues, and take photos!

At the end of the challenge, each participant will enjoy a free beer, fine wine or cane sugar soda to wait out the results.  Prizes include free tickets to the 2014 Scottish Highland Games, tickets to a regular season Orlando City Soccer game, two free tickets to The Gothic Cotillion, gift certificate from Liam Fitzpatrick’s, and an APGD gift basket, with more prizes being added all the time.

After party at Redlight Redlight, beginning at 5:30.

Want to live in Audubon Park?  Search Homes today!

Image credit:  UK-London via wallyg on Everystock via creative commons

 

Monday Market Report – What’s the Value in Going Green?

Recently I had a listing which was appraised at less than the sales price. This isn’t completely uncommon in a shifting market. I recently wrote a post about what causes this discrepancy as we shift from a buyer’s market to a seller’s market. Regardless of the reason for the appraisal variances common in today’s market, one of the issues I had with this particular report was that there was no value given for the variety of Green features this home has. This energy efficient home in Orlando is rare for the area of Downtown Orlando where older homes are notorious for high electric bills!

Green technologies in a home can make a huge impact in the long term energy use and footprint a home and it’s owners have on our planet. However, the appraiser either didn’t notice the list I provided or did not associate any value to them. Going Green in your home has not completely caught on in the Orlando area as much as cities in the Northwest; but to assume there is no value is simply not accurate. More and more buyers are looking for these features in a home and are willing to pay a premium for them.

In fact, appraisers have just been provided a special addendum to accurately note the energy efficient features and add the appropriate value to the appraisal report. Yet so many real estate professionals and appraisers alike aren’t familiar with this addendum. Be sure when you’re listing your energy efficient home in Orlando that you contact an agent familiar with these Green Features and can assist you in getting all the value you can out of them!

As you consider adding energy efficient systems to your home, research cost versus value and be sure to keep all the paperwork for improvements you make so if you do decide to sell in the future you can be sure all are accounted for in an appraisal. Your home is your biggest asset – choose an expert that understands the value.

Contact me Today to learn about Energy efficient options and what they can add to your home’s value.

407-494-2820

Kathryn@ThinkLiveBe.com
Search Orlando Homes Today

 

Image credit: Leslie Science Center Nature House via Everystock via Creative Commons License

 

Go Local Wednesdays – Lodge 10 Year Anniversary this Weekend

I have a special place in my heart for The Lodge in Downtown Orlando.  If you can believe it they are 10 years old – wow I feel old!  If you have not been to The Lodge – where have you been living the last 10 years?  Congrats to the awesome guys who own this establishment on their 10 year anniversary!  

The Lodge is just a fun place to go any night of the week if you’re looking for a good beer or a stiff drink and it’s a great example of successful Downtown businesses.  The guys recently opened up another bar right upstairs called The Woods.  The new place offers a more intimate atmosphere with craft cocktails made with fresh juices and unique spirits and the beer menu is excellent as well.  Hope to attend the 10 year anniversary for this new spot in the future!

Be sure to check out the Lodge 10 year Anniversary Festivities at their Facebook Event Page or stop by and ask one of the friendly bartenders!  There’s no cover for the main bar with $2 PBRs and $3 Jagers.  The best part is the VIP Beer Garden with 16 of the Best Craft Beers available

Come Celebrate 10 Years of Debauchery! NO COVER, $2 PBR’s, $3 Jagermeisters, Get Served by Bartenders Past, a Beer Garden with 16 of the Best Craft Beers Available(Limited Space for the Beer Garden, so get your tickets asap!).  The VIP tickets are only $25!  Oh and last but not least, my favorite DJ in Downtown Orlando will be playing some old Lodge classics.

 

Monday Market – Historic Homes

If you’re anything like me, you love historic homes in Downtown Orlando.  This is one of the reasons I focus on selling in the Downtown Orlando area.  I love the charm of an older home and they just do not build them like they used to!  The craftsmanship of these homes is always in style.

I recently read a blog post on the Preservation Nation Blog (blog written by the National Trust for Historic Preservation) about how to shop for a historic house.  If you love the charm of an older home and daydream about owning one check out this post:  How to Find a Historic House!   Or start searching for your new…I mean old…home today.

If you are interested in selling your home in one of Orlando’s historic districts contact me today to learn how to market the special features and what buyers are looking for in an older home!

407-494-2820 direct

ThinkLiveBe.com

 

Image Credit:  J. Carter Brown / Kitty Kelley at Everystock via Creative Commons License

 

Monday Market Report – A Difficult Situation

The Orlando real estate market has really shifted over the last year and although we are seeing multiple offers in many situations and prices increasing slightly, there are still issues at hand.

Due to the extreme shift, appraisals in some cases can’t keep up with the active and pending prices.  Appraisers typically pull comparable sales from the last few months.  Things have moved so quickly that homes sold in the last 3-6 months may not match the listing prices and the sometimes higher than asking price offers.

This creates a situation where a buyer may have to pay over appraised value to get the home that they want because if they don’t there is probably someone else who is willing and able.  This isn’t true in every situation but it is starting to feel like the boom years and I’m not sure it’s a good thing.

All in all, we do sort of expect this high demand/low inventory scenario to keep up through the end of the year as large investor groups will continue to buy up homes and compete with primary home buyers.  Then it will probably start to fade a little as prices rise to levels where investors are no longer comfortable.

Once that happens, things will maybe return to a normal or equal market for a while.  We do still have a lot of pent up demand and inventory that will creep onto the market probably at a pretty similar rate in the future.

Don’t get me wrong I love quick offers and higher sales prices, but I think we have seen that  cannot sustain for too long before things level off or shift again.  Have you experience increasing home values in your neighborhood?  If you have been thinking of selling, now is a nice window of opportunity where you have little competition and very solid sales prices.

Contact me today for more info at 407-494-2820 or visit ThinkLiveBe.com to get a quick market analysis for free.

 

Market Report – Bidding War

Can you believe it is already almost April?!  This year has flown by so far.  In the real estate business we will start to look at the first quarter and compare the activity to last year.  Are we headed in the right direction?

It seems that we are.  I recently did a presentation for the Mills 50 mainstreet district about the top reasons that we are headed in the right direction.  I left one thing out from the 5 factors that I discussed.  Heavy competition!

I haven’t put an offer in on a house in Orlando this year where there weren’t multiple offers.  That is huge!  Multiple offers means that the seller has the negotiating power.  I touched on the low inventory in my recent presentation to Mills 50 which is largely the cause behind increasing prices; but bidding drives prices up further.

No one has really mentioned that it is truly a sellers market in Orlando now.  Unless the listing is greatly overpriced or there is a functional issue, homes are selling very quickly and often times with multiple offers.  In many cases buyers are offering above listing price to ensure they get the house and are the winning bid.

This is a huge change from a few years ago.  For the buyers who wanted to “wait” until the prices hit bottom.  Sorry to tell you it’s too late.  The lowest median price was actually in around January and February of 2011.  When the market shifts it seems to happen in the blink of an eye and you cannot time it perfectly.  However, the market is still ripe with opportunities for buyers!   Don’t delay while the interest rates are still at historically low rates.  The average interest rate last month was 3.21%!!

Looking to find a home in Downtown Orlando, College Park, or Winter Park?  Search all the listings at ThinkDowntownHomes.com

Image Credit:  ”Getting in the Mix” from Everystock via Creative Commons License

 

Who Says There’s Nothing to do in Orlando? – Spring Weekend

As we head into the Spring, there are more and more outdoor events in the Orlando and Winter Park area.  This weekend is no exception!  Whether you are looking for something to spruce up your exterior or interior there is a place for you this weekend.

If you want to get your front yard ready for spring, stop by the Leu Gardens annual plant sale this weekend near Audubon Park.  I have personally purchased many things and it is a great way to spend a spring day!  Bring a cart if you plan on buying anything so you can transport the plant back to you car.

Saturday, March 16 & Sunday March 17
9:00 am – 5:00 pm

If you are in the mood to change things up in your house, stop by the Annual Winter Park sidewalk Art Festival.  ”The Winter Park Sidewalk Art Festival is one of the nation’s oldest, largest and most prestigious juried outdoor art festivals, consistently rated among the top shows by Sunshine Artist and American Style magazines.”  Each year more than 350,000 visitors enjoy the show.  It’s a great place to find some inspiration for an interior space.

Friday, March 15th, 9 AM to 6 PM
Saturday, March 16th, 9 AM to 6 PM
Sunday, March 17th, 9 AM to 5 PM

Do you have any weekend plans?

Image credit:  personal

 

Market Report – Back on Track

I am super excited to be hosting an event this Thursday morning for the business members of the Mills 50 District at our office on Colonial Dr.   Mills 50 is a city of Orlando  Main Street district which supports local businesses in the area.   I live and work in the Mills 50 district so I support it to the fullest extent and am extremely excited to be hosting an event to discuss the Mills 50 real estate market in the area.

We presented to the group in September of 2011 when we started to see some signs of recovery for home values.  It’s been a bumpy road for the industry for the past 7 years or so; but things are looking up these days!  There are several signs that the recovery is on track and I will be discussing these things this Thursday.

You may have started to hear the buzz about prices being on the rise or low inventory levels; but we will dig a little deeper into why the market is shifting on a local level.   After all, what is happening in our neighborhood is much more important than what’s happening in the entire state of Florida or the entire United States for that matter.

What I said back in 2011 still remains true, there are big factors that affect overall consumer confidence or interest rates, etc.  However, your home value is largely determined by what’s happening within a mile from your home – a street over from your home – or even right next door.

To get a brief look at your “local” data, visit our website ThinkDowntownHomes.com and become a Market Insider.  When you enter your zip code you are provided with a ton of information about your personal real estate market and that’s how you determine if now is the right time to sell or buy!

Mills 50 members please  RSVP to director@mills50.org and don’t forget parking is in the back on Hillcrest St!

 

Who Says There’s Nothing to do in Orlando? – Baldwin Park Food and Wine Festival

The Food & Wine Festival at Baldwin Park
is this Saturday March 2nd from 6-9 pm!  The festival benefits the Cystic Fibrosis Foundation and we at Keller Williams at The Parks had the honor of helping gather donations for the Silent Auction this year.

Your ticket includes food, drinks (beer, wine, champagne, water, and signature drinks), desserts, and entertainment for the evening.  Please stop by the silent auction and bid on one of the items!  This is for a great cause and we have had so many generous people donate for the event.   

Purchase your tickets today! 

A special thank you to these businesses who contributed an item or several for the auction:

Mucho Tequila and Tacos Thornton Park main street district

Jenn Lenos at Bonne Vie Salon in Winter Park

XL Gallery in Thornton Park main street district

Mother Falcon in Thornton Park main street district

M2 Enterprises in Winter Park

Briana Dunning at Lambs Eat Ivy Salon in Thornton Park

Fish Out of Water food truck

Fatica Designs graphic design (P.S. one of Orlando’s 20 coolest people!)